This may be a stupid question, but does anyone know of any areas in and around Sheffield where I can buy a house for £50-52,000?
Lots of people have recommended areas such as Hillsborough, Dore, Woodhouse but all are too expensive. I am starting to despair of ever finding anywhere. Any ideas?

I would've said Woodhouse, but you've obviously looked!
Have you tried Handsworth? (We've seen some for around 49k)

I'm surprised someone suggested Dore - you'd prolly get a garage for that kind of money ;)

The only other places I can think of are council estates, most other areas seem to be upwards of 55k

Not many areas at that sort of money, just get the Sheffield telegraph on a Friday for propertys for sale

The only house at hillsborough you would get for that price would be one that would need 20-30k spending on it.

My boyfriend and I started looking for a house at hillsborough last year. When we first started looking the average price was 65k, stupidly we thought this was a bit expensive. We decided to wait a while to see if they might come down, unfortunatly they rocketed! :lol:

We have stopped looking now and are praying for a drop because the price of a house in hillsborough now is 75K upwards. Even if you go to see one that's priced at 70k when you get there the vendors tell you "oh we've had an offer 10k above the asking price" It's an impossible situation at the moment.

Thanks for that info. Looks like I'll have to have a re-think.

I'd be very surprised if the house prices drop in Sheffield. In the worse case scenario the rate of house price inflation may reduce or level out.

I must say, I would be really really surprised if they don't drop at least a bit. The drivers are what's happening at the upper end of the market (300K+, buyers very nervous, clobbered with stamp duty) and at the lower end (100K-). I would hold tight and not buy right now. The implications of even a small drop in prices are huge for your purse and future financal wellbeing. There is lots out there to rent, and 4K for a years rent will be small fry in comparison with likely price shifts. Keep in mind that even if prices are static, on a 200K property thats equivalent to 8K or so per year of lost interest from the bank or mortgage interest, even at todays low interest rates. Unless you think that prices will actually rise by 8K over the next year (extremely unlikely) you will be a winner. Most likely they will fall a bit (even if only by 4%, thats 8K + 8K = 16K - loads more than the rent you would fork out).

At the 50K end of the market, the rules are a bit different because the rent to price ratio is higher. However, if the top half of the market slumps a bit the bottom end will follow. Hold tight and get a nicer house later on I say. Not many people benefit from an economy on the way down from a hump, but new housebuyers and people trading upmarket can if they play their cards right.

Cor

I dissagree Carynne, what drives the market is the First time buyers (fact)

First time buyers are still buying the low end price properties, therefore the people who currently have these properties can now afford a little more and move up the house ladder and so on.........

The top end has slowed down a bit but not much, prices in Sheffield are still rising.

Sorry Carynne I also think you're wrong. As Mikey says the market is driven by the first time buyers.

Also having spoken to someone who has lived in Sheffield for the past 65 years he can't remember a time when prices have dipped (although that may be his memory fading!).

Prices in Sheffield have definatly dropped before.

I think things are slowing, first time buyers are definatly wising up and not rushing into buying as they were a few months ago.

A few months back I would see houses in hillsborough on the market and they would be sold within a week. Now you look around and the same houses are still on the market after a month.

I am definatly waiting. I refuse to pay 80k for a 2 up 2 down in the middle of hillsborough.

Bear in mind that in a university-heavy city like this it's not just first time buyers buying 2x2s. Typically a post-doc or mature student is here for 3 years, so he/she sells a terraced house in the last city and buys one here, then ditto somewhere else for the next contract. That's what I've done, anyway, used to be a no-brainer, long term always better to be in the market than out. Point is, it's not necessarily the resources of first-time buyers that set the market price for small houses in a city full of mobile professionals who are already in the market but not necessarily trading up - I can't be a**ed to rattle around in a big expensive-to-heat house. Unfortunately now terraced houses have gone over £60k you get clobbered each time on the [unprintable] stamp duty (a totally counter-productive tax on labour market mobility IMHO) so it's a finer calculation. Nonetheless two colleagues in this lab are about to exchange on £80k-plus terraced houses.
Disclaimer - I lost my life savings in the last property crash :evil: .
But, once you're in the market you're keeping pace it whichever way it goes and ateotd you gotta have a roof :?

I did a quick search on the Blundells estate agents website and found 35 results for properties under 50K - so you should get something if you don't mind about the area.

This makes amusing reading now :hihi:

Did you spot the age of this thread? Oh for a crystal ball!

Ok stop dredging threads up from 2 years ago!! No wonder I felt like I was in a time warp.

For kicks I did the same search on Blundell's and there are now only 6 properties under £50k compared to 35 when this thread was posted.

Originally posted by genesiscouch
Ok stop dredging threads up from 2 years ago!!

Seconded! It's getting very tedious.

I did the same search on Blundell's and there are now only 6 properties under £50k

Think he wanted one with a roof though :suspect:

Originally posted by Carynne
I must say, I would be really really surprised if they don't drop at least a bit.

This person obviously knew their stuff though!! (not!):loopy:

Originally posted by Strix
This makes amusing reading now :hihi:

Did you spot the age of this thread? Oh for a crystal ball!

I think it's funny too Strix! Thanks for reminding us how the housing market is really going!

K x

Originally posted by Kristian
I think it's funny too Strix! Thanks for reminding us how the housing market is really going!

K x

Glad somebody has a sense of humour round here :suspect: :D